Bakersfield's Official Real Estate and Economic Site
I have added a set of links to various real estate owned/ foreclosures by several large lenders.
Don't need to post this comment:Check out this article:Broker Accused of Fraud to Get License Revokedhttp://nationalrealtynews.com/content/templates/standard.aspx?articleid=509&zoneid=1Part: "The Department of Real Estate filed multiple accusations against Stonewood and Montecastro alleging that they used inflated appraisals and took commissions ranging from $74,000 to $115,000 for each house purchased by their investors."Maybe a prophecy of things to come??
CNN article about ARM's resetting"Another increase in supply, according to Josh Rosner, managing director at financial research firm Graham Fisher & Co, will be from investment properties coming back on the market. There was a precipitous burst of buying homes for investment purposes earlier in the decade. In 2005, about 40 percent of all purchases were of second homes and the majority of these were for investment purposes.As returns on these investment properties decline, owners will bail out, increasing the listing backlog and depressing prices further. The effect of a foreclosure rise and home price slide on the nation's economy may be hard to predict but it will have an impact."Seemed to apply here :)
This article dealt mainly with subprime ARM's. What about option ARM's where borrowers are only making the minimum payment (70% last time I checked)? What happens when out of the blue they get a letter from their mortgage lender telling them their payment had just tripled? The subprime ARM's are just the appetizer before the option ARM reset main course.
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